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Fund carousel spins on with three out and three in at Morley

The fund manager merry-go-round continues apace, with Morley Investment Managers the latest company to be hit after losing three top managers to Clerical Medical Investment Management.

Head of European equity and £20m European focus fund manager Ian McNeill, segregated mandates manager David Headland and UK head of institutional investment Ian Brown have all decamped to HBOS&#39s fund management arm.

But Morley has poached three new managers. Roth-schild head of fixed income Ceris Williams joins as head of corporate bonds, Lombard Odier European team member Camilla Reeves becomes pan-European small-cap fund manager and Deutsche North American equities manager Paula Allen becomes global themes manager.

But the departures of the three managers will have an impact on Morley. Only two weeks ago, top institutional manager James Gledhill left to join New Star to run its fixed-income fund with M&G International chief investment officer Theo Zemek.

Plan Invest joint managing director Michael Owen says: “It is good to see Morley addressing its problems quickly. The managers it has poached look to be sound acquisitions which should satisfy the market.”

Chelsea Financial Services managing director Darius McDermott says: “In light of the loss of James Gledhill to New Star, the departure of McNeill and the others will come as a blow to Morley. But it is only the latest in a line of moves which are beginning to frustrate IFAs and clients.”

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